Income Protection Insurance
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Protection when it matters.
Imagine not being able to work due to a medical condition like cancer or a mishap like a car accident. In a world of uncertainties, how would you manage your financial commitments? Enter Income Protection Insurance – your safety net when life throws a curveball. Providing a percentage of your income when you can’t earn ensures you and your family aren’t left in financial distress.
Key features:
Regular Monthly Income
If illness or an injury renders you jobless, then an Income Protection Policy ensures you receive between 50% and 65% of your regular income.
Duration of Payments
The policy continues to pay you until you can resume work, retire, or until the policy term ends - whichever comes first.
Broad Coverage
Various policies cover a plethora of illnesses and situations that might cause you to stop working, whether short or long-term.
Claim Multiple Times
One of the unique features is that you can claim as many times as needed during the policy's lifespan.
Do You need Income Protection Insurance?
Consider the following:- How will you manage monthly expenses without your regular salary?
- Do you have enough savings to sustain if your income stops for a prolonged period?
- What’s your employer’s policy on long-term sick leave?
Why Choose Income Protection?
- Financial Consistency: Manage monthly expenses without stress.
- Peace of Mind: Instead of fretting about bills, focus entirely on your recovery.
- Tailored Monthly Payments: Designed to align with your regular income so your lifestyle remains unaffected.
How It Works
Once you’ve opted for Income Protection Insurance, after a predefined waiting period (often termed ‘deferred’), you begin to receive payments; these waiting periods could be 4, 13, 26 weeks or even a year. Opting for a more extended waiting period can reduce your monthly premiums. And remember, this is distinct from critical illness insurance, which grants a lump sum for specific ailments.Think your employer has you covered indefinitely? Think again.
Most companies transfer employees to Statutory Sick Pay within half a year. Rarely do employers financially support staff beyond a year for prolonged medical leave. The financial brunt can be overwhelming, especially for the self-employed, without sick pay benefits.
What Determines the Cost?
Your monthly premium is shaped by various factors, from age and occupation to smoking habits and the percentage of income you’re insuring.
The depth of coverage, the waiting period, and your current health status also play a role.
Furthermore, you can opt for:
Reviewable Premium
Typically reassessed every five years, these premiums are likely to change, usually increasing over time.